Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

Bitcoin declined additional beneath the $23,000 stage in opposition to the US Greenback. BTC is transferring decrease and stays at a threat of extra losses if it breaks the $22,000 help.

• Bitcoin prolonged losses and declined beneath the $23,200 help.
• The worth is now buying and selling beneath the $23,500 stage and the 100 hourly easy transferring common.
• There’s a key bearish development line forming with resistance close to $23,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might prolong losses if there’s a clear transfer beneath the $22,500 help within the close to time period.

Bitcoin Worth Features Bearish Momentum

Bitcoin worth settled beneath the $24,000 stage to maneuver right into a bearish zone. BTC gained bearish momentum beneath the $23,500 and $23,200 help ranges.

It opened the doorways for extra losses beneath the $23,000 stage and the 100 hourly easy transferring common. Lastly, the value discovered help close to the $22,700 zone. A low was fashioned close to $22,715 and the value is now consolidating losses.

Bitcoin worth is now buying and selling beneath the $23,200 stage and the 100 hourly easy transferring common. On the upside, an instantaneous resistance is close to the $23,150 stage. It’s close to the 23.6% Fib retracement stage of the important thing drop from the $24,440 swing excessive to $22,715 low.

The primary main resistance on the upside sits close to the $23,550 stage. It’s close to the 50% Fib retracement stage of the important thing drop from the $24,440 swing excessive to $22,715 low.

Supply: BTCUSD on TradingView.com

There may be additionally a key bearish development line forming with resistance close to $23,550 on the hourly chart of the BTC/USD pair. The primary resistance is forming close to the $23,750 zone and the 100 hourly easy transferring common. A detailed above the $23,550 and $23,800 resistance ranges may begin one other improve.

Within the said case, the value could maybe climb above the $24,000 resistance. Any extra features may ship the value in direction of the $24,500 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $23,200 resistance zone, it might proceed to maneuver down. A right away help on the draw back is close to the $22,715 stage.

The following main help now sits close to the $22,500 stage. A draw back break and shut beneath the $22,500 stage may might push the value additional right into a bearish zone. Within the said case, the value may decline in direction of the $21,200 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $22,715, adopted by $22,500.

Main Resistance Ranges – $23,200, $23,550 and $23,800.